This study sought to establish the socioeconomic and health factors associated with quality of life among the elderly in the community. An analytical study with a cross-sectional and quantitative approach was conducted in 2012 and 2013 with 3430 senior citizens in 24 municipalities in the Southern Triangle Macro-region of the State of Minas Gerais in Brazil. A structured questionnaire was used for socioeconomic and health variables, as well as the Katz scale, the World Health Organization Quality of Life-Bref (WHOQOL-BREF) and the World Health Organization Quality of Life Assessment for Older Adults (WHOQOL-OLD). Descriptive, bivariate statistical analysis was performed and a multiple linear regression model (p < 0.05) was created. Lower quality of life (QoL) scores were found in the environment and autonomy domains associated with advanced age, lack of schooling and income, a negative perception of health and functional disability. The salient key factor was negative health perception. The conclusion drawn was that socioeconomic and health factors were associated with the quality of life of the elderly, highlighting the lowest scores in the environmental domain and from the aspect of autonomy, a key influencing factor being negative health perception.